FTV Capital, a US-based private equity firm, has purchased a minority stake in UK-based financial services group True Potential.
Financial terms of the deal, which values True Potential in excess of £150m, have not been disclosed.
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As part of the acquisition, FTV Capital’s Brad Bernstein and Kyle Griswold will join board of directors of True Potential.
This deal will help True Potential to expand its technology platform as well as add advisers and new products to its platform.
Founded in 2007, True Potential offers products and wealth management technology to 20% of UK financial advisers and serves over 2.1 million private clients in the UK.
FTV Capital partner Brad Bernstein said: "True Potential’s visionary management team has built an innovative company that is successfully using technology to deliver highly compliant, accessible, secure and user friendly wealth management solutions that address these changing market dynamics for both advisers and clients."
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By GlobalDataTrue Potential managing partner David Harrison said: "As we continue to leverage technology to enhance our platform and services, we look forward to partnering with FTV Capital and tapping into their expertise and success growing wealth and asset management businesses."
